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Funds (13F)

Sands Capital Management, LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.2%
S&P 500 +14.1%
Last 12 months
−11.2%
S&P 500 +12.1%
Sharpe ratio
0.55
S&P 500 0.78
Biggest drop
−58.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$51.2k
StrategyS&P 500 $10,000 in Sands Capital Management, LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Sands Capital Management, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Sands Capital Management, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.2%+14.1%
Total return+412%+470%
Last 12 months−11.2%+12.1%
Last 3 months−3.5%—
Last month−8.9%—
This year so far−7.4%—
Volatility a year23.9%16.0%
Sharpe ratio0.550.78
Biggest drop−58.1%−31.8%
Beta to the S&P 5001.251.00
Alpha a year (t-statistic)−2.4% (−0.66)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
NVDA10.5%——
TSM7.0%——
GOOGL6.5%——
AMZN4.3%——
ASML4.0%——
BE3.3%——
AXON3.1%——
SHOP3.1%——
V3.0%——
SPOT3.0%——
NET3.0%——
STX2.6%——
MELI2.4%——
MU2.3%——
CVNA2.1%——
META2.0%——
PWR2.0%——
ICE1.9%——
ISRG1.9%——
LRCX1.8%——
MSFT1.8%——
CRS1.8%——
DASH1.6%——
APP1.6%——
XYZ1.6%——
AVGO1.6%——
AMD1.5%——
SPCX1.4%——
NFLX1.4%——
IOT1.4%——
SNDK1.3%——
CSL1.1%——
SE1.1%——
ARGX1.0%——
ONON1.0%——
DDOG1.0%——
SPHR0.9%——
ARM0.8%——
BLDR0.8%——
NU0.6%——
FWONK0.5%——
MCK0.5%——
APH0.5%——
CPNG0.5%——
TDG0.5%——
RARE0.4%——
RACE0.4%——
WCN0.4%——
WWD0.2%——
GRAB0.2%——
LLY0.2%——
YMM0.1%——
LIN0.1%——
HDB0.1%——
AAPL0.1%——
PANW0.0%——
STVN0.0%——
CRWD0.0%——
INTC0.0%——
HOOD0.0%——
TTMI0.0%——
GTLB0.0%——
AVAV0.0%——
KVYO0.0%——
LITE0.0%——
CBRS0.0%——
PLTR0.0%——
BABA0.0%——
TBBB0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+13.2%+14.1%0.550.78−58.1%1.25−2.4% (−0.66)
2018 onwards5 Jan 2018 to 2 Nov 2026+9.8%+13.9%0.380.66−58.1%1.27−4.9% (−1.00)
Last three years3 Nov 2023 to 2 Nov 2026+16.5%+21.8%0.601.16−26.0%1.42−9.7% (−1.69)
Last year7 Nov 2025 to 2 Nov 2026−6.4%+14.2%−0.410.84−18.4%1.46−22.9% (−2.13)
DateCompanyAction
14 Aug 2026WWDBought
14 Aug 2026TTMIBought
14 Aug 2026TBBBBought
14 Aug 2026SPHRBought
14 Aug 2026SPCXBought
14 Aug 2026SNDKBought
14 Aug 2026MUBought
14 Aug 2026INTCBought
14 Aug 2026CRWDBought
14 Aug 2026CBRSBought
14 Aug 2026ARMBought
14 Aug 2026AMDBought
15 May 2026STXBought
15 May 2026LRCXBought
15 May 2026LLYBought
15 May 2026LITEBought
15 May 2026HOODBought
15 May 2026BEBought
15 May 2026AVAVBought
15 May 2026ANETBought
15 May 2026AAPLBought
20 Feb 2026PWRBought
20 Feb 2026PLTRBought
20 Feb 2026CRSBought
20 Feb 2026BSXBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026TTEKSold
14 Aug 2026TEAMSold
14 Aug 2026SNOWSold
14 Aug 2026RBLXSold
14 Aug 2026NOWSold
14 Aug 2026FLUTSold
14 Aug 2026FIGSold
14 Aug 2026BSXSold
14 Aug 2026ANETSold
15 May 2026SAPSold
15 May 2026ROPSold
15 May 2026IRTCSold
15 May 2026GLOBSold
15 May 2026DUOLSold
15 May 2026CDNSSold
15 May 2026AJGSold
20 Feb 2026VGSold
20 Feb 2026ORCLSold
20 Feb 2026MNDYSold
20 Feb 2026DXCMSold
14 Nov 2025RGENSold
14 Nov 2025OKTASold
14 Nov 2025ICLRSold
14 Nov 2025CRWDSold
14 Nov 2025CHTRSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest